Hess Corporation has exercised its right to pre-empt Total's sale to BP of its interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod. Hess will gain additional interests of 7.85 percent in Valhall and 12.5 percent in Hod for $496 million in cash.

Together with the completion of a previously announced strategic trade between Hess and Shell, the move will bring Hess' interests in Valhall and Hod to 64.05 percent and 62.5 percent, respectively.

Both transactions are subject to approval by relevant authorities and are expected to close near the end of the third quarter.

Tags: Hess Corporation